Permira is to combine the business with London-based Bestinvest, which has extensive execution-only activities, and was bought from 3i last year.

The move affects 50 staffers in Tilney's Edinburgh and Glasgow offices, and those based in Liverpool and Birmingham.

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Permira partner Philip Muelder said: "The UK wealth management industry has strong growth characteristics but is currently very fragmented.

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"In combining Tilney and Bestinvest, we will bring together two highly regarded firms to create a truly market leading, UK-wide wealth manager."

The Tilney name will be used for its discretionary management activities.

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